Fair value, equity cash flow and project finance valuation: ambiguities and a solution

Jackowicz, Krzysztof; Mielcarz, Paweł; Wnuczak, Paweł

doi:10.1108/mf-08-2016-0235

Cited by 11 publications

(10 citation statements)

References 25 publications

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“…Within this issue, several difficulties may appear. This is confirmed by Jackowicz, Meilcarz, and Wnuczak [13], who claim that the determination of the correct method of capital cash flow includes many doubts. These doubts may result in serious mistakes.…”

Section: Literature Reviewmentioning

confidence: 70%

Determining business value according to FCFE

Rowland

Stanek

2021

SHS Web Conf.

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The large number of joint stock companies causes that investors strive for better awareness and information in the stock area. The objective of the contribution is to apply the method of discounted FCFE in the valuation of a specific company and to determine the parameters for the model application in practice. The data for the analysis are obtained from the database of Kofola ČeskoSlovensko a.s. The data are taken from the published annual reports for the years 2018 and 2019. First, a financial plan for a period of stability was created. Subsequently, the discount value of the company was calculated using the FCFE model. Finally, the calculation of the company value in the continuation phase was calculated. To achieve the research goal, the individual FCFE need to be discounted by the value of equity using the CAMP model. In conclusion, it can be assumed that the discount rate will remain stable and the prediction of the growth rate will not change. If there are no fundamental changes in the company e.g. in terms of dividend payment, investment activities, or changes in the working capital, it can be assumed that the value of the company should be stabilized until 2021.

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Section: Literature Reviewmentioning

confidence: 70%

Determining business value according to FCFE

Rowland

Stanek

2021

SHS Web Conf.

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“…The return on investment period has been emphasized in many studies as the issue to be considered in financing decisions of large-scale projects. Therefore, the period of transition of these investments to profitability can be very long [34,35]. Therefore, it is not easy for companies to deal with high costs in this long period.…”

Section: Literature Review On the Financing Of Large-scaled Projectsmentioning

confidence: 99%

Balanced Scorecard-Based Evaluation of Sustainable Energy Investment Projects with IT2 Fuzzy Hybrid Decision Making Approach

Zhou

Yüksel

et al. 2019

Energies

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The purpose of this study is to determine the issues that financial institutions should pay attention to in their decision to provide financing to large scale energy projects. Within this framework, taking into account the Balanced Scorecard (BSC) approach, 4 dimensions and 8 criteria that can be effective in these decisions of financial institutions were determined. After that, the importance weights of these dimensions and criteria were determined by interval type-2 (IT2) fuzzy DEMATEL method. In addition, 3 different types of banks (public, private, foreign) are listed for their performance in financing energy projects. According to the results of the analysis, the technological and financial adequacy of the company that will invest in energy is the issue that financial institutions should pay the most attention to in their credit decision. Therefore, it is important for financial institutions to visit the customer's location and pay attention to the technological adequacy in the process of evaluating the customer's demand for credit for a large-scale energy project. In addition, it would be appropriate not to provide this fund to the energy companies with high indebtedness and insufficient liquidity. Another result of the study is that state banks have the lowest performance in financing these large-scale energy projects. When this result is taken into consideration, state banks need to pay more attention in evaluating large-scale energy projects in order to avoid major losses.

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“…al., 2000;amont and Polk 2001;Shrieves et al, 2001;Jiang and ee 2005;lweny, 2011;Fernande , 2007;Garrett and Priestley 2012;lalawi et. al., 2016;Tijjani and Sani, 2016;Jackowic et. al., 2017;Pinto et al, 2019 ).…”

Section: Introductionmentioning

confidence: 99%

The Impact of Human Capital on Stocks Performance in Emerging Markets: Evidence From Egypt

Abouzeid

Aly

2020

ijafr

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This study attempts to investigate the impact of human capital on the common stock's return. The population of the study is Egyptian companies listed at the Egyptian exchange (EGX) due to 2014-2018. The statistical results indicate that there is a general tendency to change common stock's hold return to the corporation's human capital, and it is significant at 0.01 levels. In other terms, it can be stated that the corporation's human capital has a significant impact on common stock's hold return in the Egyptian corporation, and according to Adjusted R-squared the corporation's human capital explain a 57.8% from the change common stock's hold return.so; led to the impact of human capital on creating value of common stock. This can be traced back to investing in "the development and researches" on the other hand besides training, therefore medicine and technology companies get affected through these fields of development researches areas; however companies in industrial and banking sector get impacted by training field.

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Fair value, equity cash flow and project finance valuation: ambiguities and a solution

Cited by 11 publications

References 25 publications

Determining business value according to FCFE

Determining business value according to FCFE

Balanced Scorecard-Based Evaluation of Sustainable Energy Investment Projects with IT2 Fuzzy Hybrid Decision Making Approach

The Impact of Human Capital on Stocks Performance in Emerging Markets: Evidence From Egypt

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